NEW DELHI: WardWizard Innovations and Mobility Ltd on Monday said it will invest Rs 500 crore for the development of the electric vehicle segment in Gujarat.

The company said it has inked a memorandum of understanding (MoU) with the Gujarat government to foster the growth of the electric vehicle industry and meet the government’s vision of strengthening green mobility in the state.

The MoU was inked during the Vibrant Gujarat Global Summit 2022 in Gandhinagar, it added.

“As part of the agreement, the company would invest Rs 500 crore on research and development of electric two- and three-wheelers, setting up the motor assembly at its Vadodara’s facility, and developing ancillaries to manufacture raw materials,” the company said.

The company will also generate over 6,000 jobs in the state, it added.

Yatin Gupte, chairman and managing director of Wardwizard Innovations and Mobility, said: “The investment will help in strengthening the development and boost the ‘Make-in-India’ vision while promoting local vendors during this electric mobility revolution. The supply chain is under immense pressure with the growing demand for electric vehicles, especially two-wheelers.”

EV ancillary will work as a solution and ease the supply chain while decreasing the dependency on imports, he added.

The company sells Joy e-bike.

Source : The New Indian Express